Carol Berry Redd, CPAProfessional Tax Services

Info to Prepare Your Return
Past 3 Years tax returns (for comparison for accuracy and missed deductions) Social Security #'s for all individuals on tax return W-2's/1099's Interest and Dividend statements (Schedule B) IRA Contributions or Withdrawal statements Student Loan Interest Child Care Expenses - separate total for each child (including name, address and SS# or Employer ID # for the provider) Education Expenses - Form 8863 (school attended and amount of tuition; separate total for each family member) Itemized Deductions (Schedule A): a. Home Mortgage Interest (including 2nd mtge or Home Equity Line of Credit) b. Real Estate Taxes for all property owned c. Income/Sales Tax - NEW as of 2004 - choose the greater of: Income taxes paid to your state OR Sales taxes paid: From Actual Receipts(total of TAX paid), OR IRS Table amount PLUS tax paid on: a. Vehicles, including boats or motorhomes b. Building materials purchased to improve or build your home d. Charitable Contributions - must have receipt to claim deduction Cash or checks to Churches or Charities Non-Cash - receipts for household goods/ clothing/ etc donated to Goodwill, etc # of miles driven for charity Goodwill e. Miscellaneous Deductions: These deductions are reduced by 2% of your Adj. Gross Income and may not result in any benefit. Employee Business Expenses - items required by your employer to perform your job. Tax Preparation fees Investment Advisory fees Job hunting expenses These expenses are NOT reduced by 2% of your Adj Gross Income: Gambling losses Casualty and Theft Losses from Income Property Amortizable bond premium Impairment related job expenses for disabled person Unrecovered investment in a pension Capital Gains/Losses (Schedule D): a: Description of item sold b: Cost and Date purchased c: Amount and Date sold Business Schedules (Schedule C): a. Income b. Expenses - all ordinary and necessary expenses for operating your business c. Auto mileage 48.5cents/mile for 2007 PLUS INTEREST paid to purchase vehicle OR Actual expenses (depreciation, oil changes,tires,repairs,insurance, INTEREST) d. Purchase/Sale of equipment used in your business (date of sale/purchase and amount) Rental Income (Schedule E): a. Rents Received b. Expenses Automobile travel - miles driven Commissions Depreciation - need closing statement of purchase Improvements (increased value of property) Insurance Maintenance Mortgage Interest stmt Real Property Taxes Repairs (restored property to original condition) Telephone including Long distance charges